AngioDynamics (NASDAQ:ANGO) Sets New 1-Year High After Strong Earnings

AngioDynamics, Inc. (NASDAQ:ANGO) reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $12.82 and last traded at $12.33, with a volume of 2066962 shares changing hands. The stock had previously closed at $9.40.

The medical instruments supplier reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.07. The company had revenue of $72.90 million for the quarter, compared to analysts’ expectations of $70.93 million. AngioDynamics had a negative net margin of 83.95% and a negative return on equity of 5.86%. The firm’s revenue was down .1% compared to the same quarter last year. During the same quarter last year, the business earned ($0.05) EPS.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ANGO shares. HC Wainwright reiterated a “buy” rating and issued a $14.00 price target on shares of AngioDynamics in a research note on Tuesday, December 10th. Canaccord Genuity Group dropped their price objective on AngioDynamics from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, October 4th.

Hedge Funds Weigh In On AngioDynamics

A number of hedge funds and other institutional investors have recently modified their holdings of ANGO. Quarry LP lifted its stake in AngioDynamics by 40.9% in the 3rd quarter. Quarry LP now owns 8,518 shares of the medical instruments supplier’s stock worth $66,000 after purchasing an additional 2,471 shares in the last quarter. CWM LLC increased its holdings in shares of AngioDynamics by 981.3% in the third quarter. CWM LLC now owns 9,732 shares of the medical instruments supplier’s stock worth $76,000 after purchasing an additional 8,832 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of AngioDynamics in the third quarter worth about $86,000. Charles Schwab Investment Management Inc. boosted its stake in AngioDynamics by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 326,820 shares of the medical instruments supplier’s stock valued at $2,543,000 after buying an additional 11,599 shares during the last quarter. Finally, Mackenzie Financial Corp bought a new position in AngioDynamics during the second quarter valued at approximately $80,000. Institutional investors own 89.43% of the company’s stock.

AngioDynamics Stock Performance

The firm has a fifty day simple moving average of $7.87 and a two-hundred day simple moving average of $7.30. The firm has a market cap of $525.80 million, a PE ratio of -2.12 and a beta of 0.59.

About AngioDynamics

AngioDynamics, Inc, a medical technology company, engages in the design, manufacture, and sale of medical, surgical, and diagnostic devices for the use in treating peripheral vascular disease, and oncology and surgical settings in the United States and internationally. The company offers Auryon Atherectomy system that is designed to deliver an optimized wavelength, pulse width, and amplitude to remove lesions while preserving vessel wall endothelium.